The move will see Innovative Medicines take on the portfolio of patented medicines and biosimilars; the Established Medicines will hold the company’s off-patent branded medicines and generics, such as Viagra; lastly, the Consumer Healthcare business will hold its over-the-counter consumer products.
Pfizer CEO, Ian Read, referred to the decision as a ‘natural evolution.’ However, after a well-publicised attempt to sell its consumer healthcare division and long-running speculation regarding a potential divestiture of its generics business, it may increase speculation that Pfizer is looking to trim down in the future.
The decision to group biosimilar medicines within its Innovative Medicine portfolio is a different strategy compared to rival Novartis, which has placed biosimilars within its Sandoz generics unit.
One entirely new unit that has been created within Innovative Medicines is the hospital business unit. This area will look to develop Pfizer’s sterile injectable and anti-infective medicines.
Read concluded, in the company’s statement: “As we transition to a period post-2020 where we expect a higher and more sustained revenue growth profile we see this new structure better positioning each business to achieve its growth potential”.
The changes to the company will take place at the beginning of the 2019 fiscal year.
A spokesperson declined to comment when asked what the restructure would mean for the future of its consumer healthcare business.
The news of the pharma giant’s reshuffle comes directly after a short-running battle between the company and the US President, Donald Trump.
After Trump used Twitter to criticise price increases, the company relented and stated that it would halt price hikes but only committed to ‘defer’ this decision until the end of the year or until the President provided a blueprint to ‘strengthen the healthcare system’.